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SimplyBiz takes steps to aid retiring members

SimplyBiz is offering a retirement planning scheme for members which it says will work along similar lines to an annuity.

The exit strategy programme, called Stepping Out, will marry retiring members with another member firm that will take over their book of business and its renewals.

SimplyBiz will pay members 70 per cent of the renewal commission on existing business for life or 60 per cent of the current renewals earnings guaranteed for five years.

Retiring members’ beneficiaries, upon the ex-members’ death, will also get 50 per cent of the outstanding renewals as a lump sum.

Managing director Ian Thorneycroft says: “When recruiting new members, many of them say that if they join a network, they keep their own agencies, therefore they carry on getting paid renewals even if they are retired. Now they can carry on getting paid their renewals and commission, even though we run a directly authorised model.”

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